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Benefits Of Alexander Hamilton's Economic Plan

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Alexander Hamilton’s economic plan to ensure America’s survival was successful overall, but the most important part of his plan was his proposition of a National Bank. The National Bank would increase the amount of spending by colonists by issuing loans to those who needed them, bringing more revenue to the country. Although, Hamilton’s idea to pay off foreign debt would also help the United States to have a better credit rating to other foreign nations, and would give us an opportunity to seem reliable should the U.S. ever need the help of another nation concerning finances. The National Bank would ensure that the United States finances were organized and set up so that the government could offer financial aid to the colonists when needed. …show more content…

The National Bank that Hamilton proposed would offer the United States, a newly blooming nation, some financial stability to not only the government, but also the colonists. The idea would be similar to Great Britain's National Bank, but would be about benefitting both the national government and the colonists in the long run. This idea would expand the wealth of the country, by offering help and giving loans to those who needed them. With that loaned money, the American’s would be able to increase the amount of money going into flowing into the U.S. economy and increase the United States wealth. Due to this bills undertones for strong national government, Thomas Jefferson and James Madison opposed the bill, they then blocked its passage into the House of Representatives. Although, Washington stepped in and asks Hamilton to further explain the bill and its’ many benefits to the nation. This confrontation set the groundwork for an era of opposing political

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